Edexcel A-Level Business Theme 1.1 Meeting customer needs overview quiz quiz

A standardised product sold to the whole of the market at very high volume and low margins

Any market that is steadily shrinking in size and losing customers over a period of time

A market that is supplied by only one dominant firm holding a complete monopoly position

A small, specialised segment served with a tailored product, usually at a premium

$20\%$

$5\%$

$24\%$

$36\%$

$4\%$

$10\%$

$11\%$

$40\%$

Risk only ever affects large firms, whereas uncertainty only affects small firms in the market

They are simply two different words that mean exactly the same thing in business decision making

Risk can be measured and given a probability; uncertainty cannot be quantified

Uncertainty can always be fully insured against by a business, whereas risk never can be insured

A guaranteed profit opportunity that any firm entering it is certain to make money from

The most crowded part of the market where the largest number of competitors are clustered

A pricing error made by competitors that the firm can take advantage of straight away

An unserved position that may or may not have real demand

Function, aesthetics and economic manufacture

Price, promotion and place, three of the elements of the marketing mix

Product, process and people, drawn from the extended services marketing mix

Cost, quality and speed, the three points of the operations objectives triangle

Both price and quantity fall

Price rises and quantity rises

Price falls and quantity rises

Neither changes

$-0.4$, inelastic

$+2.5$, elastic

$-2.5$, elastic

$-1$, unitary

A luxury good

A normal good

A perfectly elastic good

An inferior good

Raise the price

Cut the price

Keep the price exactly the same

Withdraw the product